Question

Write a project description into one or more specific information technologies that would be considered innovative in their application in an organization. It should be something that is at least being attempted somewhere (i.e. don't pick something that would be so novel that nobody is even attempting it yet), and it's fine if your choice would be considered routine in other commercial or industrial sectors than the one you are discussing (e.g., some things considered radically innovative in healthcare might be considered routine in industry).

Answer 1

Text mining in Audit.

Now hear me out before you say that text mining is so common and is being used everywhere. Guess what, in audit and tax-related industries, all the tasks of extracting the information from thousands of documents is still being done manually. These "analysts" sit all day to read through the documents in text or spreadsheets or pdf and note down the information into some structured format. It takes hours, days sometimes weeks to get all the information in a format they need. Most of the work that is being done can be done through a simple text mining model. A named entity recognition software can solve most of these problems. Also, the data they have is so huge so training is not an issue.

So why is this not being implemented at a scale that it requires? Why these softwares are still a novelty at these firms? A topi to just research upon and not implemented in day-to-day tasks?

Because hiring and paying these "analysts" is much cheaper than investing in such technologies. But the investment is a one-time and paying people to do that is a continuous cut in their pockets. These firms need to realize this and adapt to new technology. But for now, machine learning is still innovation in this industry.